Once considered the most complex solution, we are now driven by our market to pursue a business plan that will eliminate the complexity caused by trading multiple L/C swaps on a given ECCL transaction and also to remove the complexity of booking the interest accrued on the L/C. Also, the simplification we propose will enable us to develop a "commercial" L/C booking process to enable us to compete in the marketplace. To that end, we have been researching the different ways to accomplish these two objectives: (1) Eliminate multiple L/C swaps and book the L/C interest. There are two options: We could book the swap against a long leg of the trade and settle the swap's interest accrual and any long leg interest with the trade. However, we are concerned with the credit exposure we would assume for the L/C booking the swap. We also considered booking the swap against a short leg, settling the swap's interest accrual and long leg interest, and then paying the swap's interest when the trade is settled. Again, we are concerned about credit exposure. We think this solution would work the best, but it's harder to book a short against a long. (2) Eliminate the complexity of calculating and booking interest accrued on the L/C. There are two options: Settle the L/C interest accrual against the long leg of the trade. ENA would be financially responsible for the L/C's interest. Settle the L/C interest accrual against the short leg of the trade. ENA would be financially responsible for the L/C interest. Your assistance is appreciated. Thanks, Ed McMichael